Why Indian Business & Sports Icons are Moving to Dubai?
In recent years, a significant number of Indian business leaders and sports stars have been making a beeline for Dubai, the business and tourism hub of the United Arab Emirates (UAE). This exodus is not surprising, given the city’s reputation for its zero-income tax policy, luxurious living, and business-friendly environment. In 2024 alone, a staggering 4,300 millionaires left India, with Dubai emerging as the preferred haven for wealth, safety, and global opportunities.
One of the primary reasons behind this mass migration is the UAE’s Golden Visa program, which offers residency permits to individuals who meet specific criteria, such as investing in the country, starting a business, or being a high-net-worth individual. The Golden Visa is a 5-year or 10-year residency permit that allows holders to live, work, and study in the UAE without the need for a local sponsor.
For Indian business leaders, Dubai’s zero-income tax policy is a major draw. The UAE does not impose income tax on individuals or companies, making it an attractive destination for those looking to relocate and expand their business empire. In contrast, India has a complex tax system, with a high tax rate of up to 42.4% on income above Rs. 50 lakhs.
Luxury living is another significant factor that contributes to the allure of Dubai. The city offers a high standard of living, with world-class infrastructure, amenities, and services. From luxurious villas and apartments to top-notch healthcare facilities and international schools, Dubai has something for everyone. The city’s vibrant expat community also provides a sense of belonging and social connections for those who relocate.
Dubai’s business-friendly environment is another key reason why Indian business leaders are flocking to the city. The UAE has a straightforward and efficient business setup process, with minimal bureaucracy and regulations. The city also has a highly developed infrastructure, with state-of-the-art transportation systems, ports, and logistics facilities.
In addition to these factors, Dubai’s real estate boom has also made it an attractive destination for Indian business leaders. The city’s property market has seen significant growth in recent years, with prices rising by up to 20% annually. This has led to a surge in demand for luxury apartments, villas, and commercial properties, making it an ideal investment opportunity for those looking to diversify their portfolio.
Security is another key factor that contributes to Dubai’s appeal. The city has a reputation for being one of the safest cities in the world, with low crime rates and a strong law enforcement system. This provides a sense of security and peace of mind for Indian business leaders and their families, who can focus on their business and personal lives without worrying about safety concerns.
The sports fraternity is also not immune to Dubai’s allure. Many Indian sports stars have made the city their home, drawn by its world-class facilities, coaching infrastructure, and sponsorship opportunities. The city’s state-of-the-art sports facilities, including the Dubai Sports City and the Dubai International Cricket Stadium, provide a perfect environment for athletes to train and compete.
One of the most notable examples of Indian business leaders who have relocated to Dubai is Anand Mahindra, the chairman of the Mahindra Group. Mahindra has been a vocal advocate for the UAE’s business-friendly policies and has invested heavily in the country’s real estate and infrastructure sectors.
Another example is Nandan Nilekani, the co-founder of Infosys, who has also made Dubai his home. Nilekani has praised the UAE’s business-friendly environment and has invested in the country’s startup ecosystem.
In conclusion, Dubai’s unique combination of zero-income tax, luxury living, business-friendly policies, and security has made it an attractive destination for Indian business leaders and sports stars. The UAE’s Golden Visa program and real estate boom have also played a significant role in drawing in talent from India and other parts of the world. As the city continues to grow and develop, it is likely that we will see even more Indian business leaders and sports stars making the move to Dubai.
Source:
https://ascendants.in/business-stories/why-indian-business-leaders-sports-stars-moving-to-dubai/
